Bitcoin Slides Below $116K Amid Fed Jitters and Crypto Regulation Buzz
Bitcoin dropped below the $116,000 mark on Friday, weighed down by large-scale wallet activity and investor caution ahead of the upcoming U.S. Federal Reserve meeting and the anticipated release of a key cryptocurrency policy report on July 30.
As of 01:28 ET (05:28 GMT), Bitcoin was trading at $115,555.4—down 1.8% on the day. The decline follows a short period of price consolidation after the token reached a record high above $123,000 last week.
While Bitcoin led the downturn, most other cryptocurrencies were relatively quiet on Friday. After sharp losses the previous day, altcoins stabilized during the latest session.
The broader market weakness appears tied to significant profit-taking and activity from major holders. On Thursday, Galaxy Digital (TSX: GLXY) transferred roughly 3,420 BTC—valued at around $395 million—to various exchanges in under 20 minutes. Another 250 BTC was moved to an unidentified wallet, according to Arkham Intel data.
Upcoming Fed Meeting and Crypto Policy Report
Investors are now focused on the Federal Reserve’s policy meeting scheduled for July 30. Although interest rates are expected to remain unchanged, analysts are watching closely for any signals about future policy shifts.
Meanwhile, White House crypto advisor Bo Hines revealed that the President’s Digital Asset Working Group has finalized its long-awaited 180-day policy review, also set for release on July 30. Mandated by a January executive order, the report is expected to disclose the amount of Bitcoin currently held by the U.S. government and outline plans for its management. Additionally, it’s likely to include proposals for a comprehensive crypto regulatory framework.
Strategy Expands Stock Offering for Bitcoin Purchases
In a separate development, Bloomberg reported that Michael Saylor’s company Strategy (formerly MicroStrategy) has increased its planned preferred stock offering from $500 million to $2.8 billion. The capital will reportedly be used to further expand the firm’s Bitcoin holdings—central to its corporate strategy and valuation growth over the past year.
Altcoin Market Mixed After Thursday Selloff
Most major altcoins saw modest gains on Friday following Thursday’s volatility. Ethereum rose 1.8% to $3,623.89, while XRP added 2.8% to reach $3.116. Cardano advanced 3.1%, and Polygon rose 2.8%, though Solana dipped 1.6%.
Among meme coins, Dogecoin slipped 0.4%, while $TRUMP gained 1.7%.
